soulman
01-04-2012, 03:39 PM
Indochine Mining is a gold and silver explorer/future producers in their 100% owned Mt Kare gold/silver project in Papua New Guinea (PNG).
Their current total JORC Mineral Resource is 1.8 million ounces gold and 20 million ounces silver in 28.3 million tonnes at 1.9 g/t gold.
Drilling is already underway to increase their resources. This initial drilling phase is for metallurgical test work as part of the pre‐feasibility study (PFS)
scheduled for completion in August 2012. These data are also expected to improve the quality and increase the current resource inventory.
IDC Mt Kare project is right next to a giant producer that are currently producing 500,000 ounces of gold annually.
IDC IPO was priced at 20 cents (Dec 2010) and come on market quite weak and drop below their 20 cents issue price to as low as 15 cents in the first few weeks. It then did a surge to as high as 39.5 cents but has since dip below their issue price ranging between 13 - 18 cents in the last 8 months.
That range seems to be broken on Friday in a steep uprise and volume breakout. Current market cap is $91 mil (fully diluted at 491 mil shares) at 18.5 cents. IDC has $10 mil in cash at the Dec quarter so EV around $81 mil.
PS: This breakout could be a prelude to a capital raising so definitely not a reco. I hold.
Their current total JORC Mineral Resource is 1.8 million ounces gold and 20 million ounces silver in 28.3 million tonnes at 1.9 g/t gold.
Drilling is already underway to increase their resources. This initial drilling phase is for metallurgical test work as part of the pre‐feasibility study (PFS)
scheduled for completion in August 2012. These data are also expected to improve the quality and increase the current resource inventory.
IDC Mt Kare project is right next to a giant producer that are currently producing 500,000 ounces of gold annually.
IDC IPO was priced at 20 cents (Dec 2010) and come on market quite weak and drop below their 20 cents issue price to as low as 15 cents in the first few weeks. It then did a surge to as high as 39.5 cents but has since dip below their issue price ranging between 13 - 18 cents in the last 8 months.
That range seems to be broken on Friday in a steep uprise and volume breakout. Current market cap is $91 mil (fully diluted at 491 mil shares) at 18.5 cents. IDC has $10 mil in cash at the Dec quarter so EV around $81 mil.
PS: This breakout could be a prelude to a capital raising so definitely not a reco. I hold.